GREENVILLE, Wis., Sept. 5, 2014 (GLOBE NEWSWIRE) -- School Specialty has re-issued its Fiscal 2015 First Quarter Results announcement as there was a change in the Condensed Consolidated Balance Sheet. Accounts receivable, less allowance for doubtful accounts of $984 and $926, respectively, for the period ended July 26, 2014 was changed from $136,338 to $135,842. Additionally, deferred revenue for the period ended July 26, 2014 was changed from $3,423 to $2,927. As a result, corresponding changes were made to total current assets, total assets, total current liabilities and total liabilities. These changes are now reflected in the revised Condensed Consolidated Balance Sheet and reported as such in the Company's Form 10-Q, filed with the Securities and Exchange Commission on September 4, 2014.
| SCHOOL SPECIALTY, INC. | |||
| CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||
| (In Thousands, Except Share and Per Share Data) | |||
| July 26, 2014 | April 26, 2014 | July 27, 2013 | |
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $ 9,281 | $ 9,008 | $ 9,787 |
| Restricted cash | -- | -- | 25,820 |
| Accounts receivable, less allowance for doubtful accounts of $984 and $926, respectively | 135,842 | 62,631 | 138,879 |
| Inventories, net | 109,722 | 93,387 | 104,868 |
| Deferred catalog costs | 4,497 | 8,057 | 5,793 |
| Prepaid expenses and other current assets | 19,242 | 18,043 | 26,667 |
| Refundable income taxes | 7 | -- | 5,334 |
| Asset held for sale | 2,200 | 2,200 | -- |
| Total current assets | 280,791 | 193,326 | 317,148 |
| Property, plant and equipment, net | 38,557 | 39,045 | 46,309 |
| Goodwill | 21,588 | 21,588 | 23,661 |
| Intangible assets, net | 47,130 | 48,251 | 47,427 |
| Development costs and other, net | 34,132 | 36,646 | 38,042 |
| Deferred taxes long-term | 13 | 48 | 51 |
| Investment in unconsolidated affiliate | 715 | 715 | 715 |
| Total assets | $ 422,926 | $ 339,619 | $ 473,353 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Current maturities of long-term debt | $ 72,475 | $ 12,388 | $ 62,229 |
| Accounts payable | 53,443 | 42,977 | 49,124 |
| Accrued compensation | 7,376 | 8,966 | 7,597 |
| Deferred revenue | 2,927 | 2,613 | 2,605 |
| Accrued fee for early termination of long-term debt | -- | -- | 25,582 |
| Other accrued liabilities | 16,672 | 14,460 | 34,467 |
| Total current liabilities | 152,892 | 81,404 | 181,604 |
| Long-term debt less current maturities | 156,331 | 153,987 | 152,932 |
| Other liabilities | 998 | 1,171 | 925 |
| Total liabilities | 310,221 | 236,562 | 335,461 |
| Stockholders' equity | |||
| Preferred stock, $0.001 par value per share, 500,000 shares authorized; none outstanding | -- | -- | -- |
| Common stock, $0.001 par value per share, 2,000,000 shares authorized; 1,000,004 shares outstanding | 1 | 1 | 1 |
| Capital in excess of par value | 119,391 | 120,955 | 120,955 |
| Accumulated other comprehensive income (loss) | (216) | (414) | (7) |
| Retained earnings (accumulated deficit) | (6,471) | (17,485) | 16,943 |
| Total stockholders' equity | 112,705 | 103,057 | 137,892 |
| Total liabilities and stockholders' equity | $ 422,926 | $ 339,619 | $ 473,353 |